Core Insights - The performance of public funds in 2025 has been strong, with an average return of 31.25% across over 4,600 active equity funds, and more than 80 funds have doubled their net value this year [2][11] - The top-performing fund, Yongying Technology Select Mixed Fund, achieved a remarkable return of 239.78%, securing its position as the likely annual champion [1][12] - The focus on technology growth, particularly in AI-related sectors, remains a key investment theme for fund managers moving into 2026 [7][15] Fund Performance - As of December 30, 2025, 833 funds reported returns exceeding 50%, with over 80 funds achieving net value doubling [2][11] - The top funds with returns over 130% include: - Yongying Technology Select Mixed Fund: 239.78% - AVIC Opportunity Leading Mixed Fund: 176.65% - Hengyue Advantage Selected Mixed Fund: 153.31% - Hongtu Innovation Emerging Industry Mixed Fund: 153.27% [4][12] - The performance gap among the top ten funds is narrow, indicating potential volatility in final rankings [1][10] Investment Focus - Most top-performing funds have heavily invested in AI-related technology stocks, which have driven their net values significantly higher [6][14] - Fund managers express optimism about the technology sector, particularly AI, as a transformative investment opportunity that aligns with societal and economic trends [7][15] - The AI industry is expected to continue its growth, expanding into various sectors such as storage, AI edge computing, and energy storage [8][16] Future Outlook - Fund managers anticipate that the AI infrastructure development cycle will persist into 2026, providing ongoing growth opportunities for related companies [17] - There is a focus on sectors with long-term growth potential, including solid-state batteries, robotics, and innovative pharmaceuticals, as they approach commercialization [8][16]

Core Insights - The performance of active equity funds has significantly improved this year, with over 90% achieving positive returns and 30 funds doubling their net value, indicating a strong recovery in the market [2][3] - The top-performing fund, Yongying Technology Smart Mixed Fund, has achieved a return of 202.13%, leading the second-place fund by nearly 60 percentage points, making its victory in the 2025 performance rankings almost certain [3] - There is a notable performance divergence among funds over the past three years, with a difference of nearly 300 percentage points between the best and worst performers [6] Fund Performance - As of December 5, the average return for active equity funds this year is 27.38%, with 104 funds exceeding 80% returns and 30 funds surpassing 100% [3] - The second to tenth rankings remain uncertain, with several funds like China Aviation Opportunity Leading Mixed Fund and Hengyue Advantage Selected Mixed Fund showing returns of 144.12% and 133.38%, respectively [3] - The leading funds are heavily invested in the technology sector, with top holdings in companies like Xinyi Technology and Zhongji Xuchuang [4][5] Long-term Performance Trends - Over the past three years, the average return for active equity funds has exceeded 14.5%, but there is significant performance disparity, with around 40 funds achieving over 100% returns [6] - The top-performing fund over three years, Huaxia North Exchange Innovation Small and Medium Enterprises Selected Fund, has a return of 240.63%, while over 1,000 funds have reported losses, with some experiencing declines over 40% [6] - The regulatory body is emphasizing long-term performance assessments, with new guidelines requiring a focus on three-year performance metrics for fund managers [7]